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Pakistan set to face another inflation storm soon, says Miftah Ismail

KARACHI: Pakistan Muslim League Nawaz (PML-N) leader Miftah Ismail has said that Pakistan Tehreek-e-Insaaf (PTI) government has brought another storm of inflation and the country is set to face it soon.

Addressing a press conference in Karachi on Friday, the former finance minister said that the basic necessities of life including food and medicine are not under public’s access. He added that Nawaz Sharif’s demand is just the assurity of holding fair and transparent elections across the country. If there it was the PML-N government, no tax would have been imposed on the milk and medicine.

Meanwhile, PML-N leader Musadik Malik said it seems like the East India Company (EIC) has returned to Pakistan. The person who had power is being followed. If the electricity bill will cost Rs8 thousand what will the poor labours of the country do. He said the government is working to benefit banks which is why the EIC might return back to our country.

He further added that this is the government of insensitive politicians who do not care even if 20 hundred thousand people die. After mini-budget, the inflation will rise and the opposition will unite to fight against the government in National Assembly.

Earlier today Chairman Federal Board of Revenue (FBR), Dr Muhammad Ashfaq said that many things related to taxes and International Monetary Fund (IMF) were twisted in reports.

Addressing a press conference to clear the board’s point of view, the FBR Chairman said IMF was a reality, however, made it clear that many taxes that were claimed to have been levied were not actually imposed by the government.

Likewise, the taxes that were shifted from one place to another were also misinterpreted, he said adding some changes were made to amend certain laws relating to taxes and duties through the Finance (Supplementary) Bill, 2021.

He was of the view that tax policy reforms were needed for a long time. However, during the previous regimes, whosoever interest groups came, they took their self-interested exemptions by making amendments in the laws and then they went away.

He said it has always been demand of the International Monetary Fund (IMF) to improve tax system and help the country increase revenues for self-sustenance.

He said, every time whenever the country went into IMF programme, new taxes were imposed but the old exemptions, concerning certain economic group, were not touched upon and these remained embedded with the system.

The exemptions were not withdrawn simply because it would have been politically very unpopular decision.

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